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Mississippi Interest Rates Laws

Whether you’re in a financial bind or making big purchases or investments, most of us have used a credit card or taken out a loan. And we know that with either, a high interest rate could get us into more money trouble in a hurry. Fortunately, the Magnolia State limits the amount of interest that can accrue on credit cards, loans, and even legal judgments. Here is a brief overview of interest rates laws in Mississippi.

Interest Rates Laws

State interest rate laws vary depending on where you live and the type of credit or loan involved. These laws are designed to help consumers by restricting the amount of interest a creditor can charge. The legal maximum in Mississippi is 8%, with some exceptions for property loans and borrowing for business purposes.

Interest Rates Laws in Mississippi

Mississippi's interest rate statutes are listed in the table below.

Legal Maximum Rate of Interest


Mississippi Code 75-17-1[1];

contract rate not to exceed greater of 10% or 5% above discount rate

Mississippi Code §75-17-1[2]

Penalty for Usury (Unlawful Interest Rate)

Forfeit all interest and finance charge; if rate exceeds maximum by 100%, any amount paid (principal or interest) may be recovered; person willfully charging usurious rates guilty of misdemeanor and fine up to $1000

Mississippi Code 75-67-119

Interest Rates on Judgments

Judgments at contract rate if contract exists; otherwise at per annum rate set by judge

Mississippi Code 75-17-7


Residential real property loan

Mississippi Code 75-17-1;

Mobile homes

Mississippi Code 75-17-23;

Partnership, joint venture, religious society, unincorporated assoc. or domestic or foreign corp.

Mississippi Code 75-17-1 [3]

The best way to avoid getting into financial trouble with high interest rate credit cards is to avoid credit card debt before it can even get started. While this is definitely easier said than done, one of the best strategies for avoiding debt is using a credit card responsibly and paying off the entire balance as soon as possible, preferably every month. Should you find yourself in significant credit card debt, there may be some consumer protections under federal law that can help.

Mississippi Interest Rate Laws: Related Resources

Figuring out exactly what the interest rate on a credit card or loan will be can be difficult, especially when it is normally buried deep the terms of service. You can consult with a Mississippi consumer protection attorney if you would like legal assistance regarding an interest rate matter. You can also find more resources and information on this topic by visiting FindLaw’s section on Usury Laws and Limits on Credit Card Interest Rates.

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